Forbion European Acquisition Corp.
FRBN · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC, listed on Nasdaq in December 2021.
- What it's doing now
- It agreed to buy enGene Holdings Inc., a gene therapy biotechnology company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- enGene Holdings Inc.
- Industry
- Health Care — gene therapy biotechnology
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 13 December 2021
- size not on file · 102.5% of each $10 unit into trust
- Headquarters
- PO BOX 309, UGLAND HOUSE, GRAND CAYMAN, E9, KYL-1104
- registered in the Cayman Islands
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Joustra Wouter (Director) · Lesser Cyril (Chief Financial Officer) · Bos Jasper (Chief Executive Officer)
- Listed securities
- FRBN common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
1 dated milestoneEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 13 December 2021IPOpassed
IPO size not on file
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedHealth CareSEC primary
What enGene Holdings Inc. does — read from engene.com on 26 August 2026
enGene is developing non-viral gene therapies for urological cancers, specifically focusing on Detalimogene for non-muscle invasive bladder cancer (NMIBC) using their proprietary DDX platform.
Gene TherapyUrological CancersNon-Viral Therapeutics
The score
deterministic, from filed fieldsFRBN is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 295 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Forbion European Acquisition Corp. (ticker FRBN) was a blank-check company listed on Nasdaq under SEC CIK 0001874495 and SIC industry code 6770. Its IPO was priced on December 13, 2021, per 424B prospectus 0001193125-21-355589. The common ticker FRBN appears on the cover page of 10-Q 0001193125-23-265423, filed on October 30, 2023. The vehicle is closed: Form 25 0001354457-23-000797 was filed on October 31, 2023, under 17 CFR 240.12d2-2(a)(3), covering its Class A Ordinary Shares, Warrants, and Units, which came to evidence other securities in substitution therefor. The successor registrant, enGene Holdings Inc. (ENGN, ENGNW; CIK 0001980845), filed an 8-K carrying item 2.01 (Completion of Acquisition) naming Forbion European Acquisition Corp., and the SPAC filed no closing report of its own.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Item 8.01 of the same report states that public shareholders holding 10,379,144 Class A ordinary shares validly elected to redeem in connection with the vote, and that closing of the business combination is expected on or about October 31, 2023, subject to satisfaction or waiver of the conditions. The redemption count is far larger than the against vote on any proposal.
The decisive status change: FEAC shareholders approved the deal by roughly 96% of votes cast, so the enGene combination clears its shareholder gate and the Nasdaq-listed successor becomes enGene Holdings Inc. Two things to price. First, the new articles authorise an unlimited number of common shares and blank-cheque preferred, which removes any charter cap on future dilution of holders who stay. Second, the vote tally says nothing about redemptions — the trust outflow, not the vote, determines how much cash reaches the combined company.
An implied enterprise value of $111 million is modest by de-SPAC standards, which reduces the risk that FRBN holders are buying an inflated valuation — the usual failure mode. The proxy warns that if the required proposals are not approved and the closing condition is not waived, the combination may not be consummated, so a failed vote returns holders to trust. Redemption remains the alternative to taking equity in a clinical-stage gene therapy business.
A second identical quarter bought at $0.10 per unit, following the June 6, 2023 extension from June 14 to September 14. The working capital facility has grown from $300,000 to a further $450,000, both maturing on December 14, 2023 — the same date as the extended combination deadline, so the sponsor's loans and the vehicle's life expire together. If no combination closes, the notes are repaid only from funds outside the trust.
Real, if unglamorous, status: the SPAC is out of operating cash and being kept alive by sponsor loans while the enGene deal is still pre-registration. The trust is expressly ring-fenced, so this borrowing does not dilute per-share trust value — the sponsor eats it if the deal fails. The load-bearing date is the December 14, 2023 maturity, which brackets when the sponsor expects the enGene combination to close. Watch for further working-capital notes, which signal a longer timeline, and for the enGene Holdings Form S-4 finally being filed.
The three-month extension cost $1,265,000 of sponsor money and is separate from the $300,000 of working capital, so this shell now owes its sponsor on two notes while a signed business combination agreement is outstanding. The September 14, 2023 date is bought, not fixed, and both it and the $0.10-per-unit deposit are recorded as filed - nothing was written to a deadline, trust or floor field.
Show 2 more material filings
Three months of runway bought at $0.10 per unit per quarter, funded by the sponsor as a loan rather than out of the trust, so the trust balance rises by the deposit. The working capital note carries an event-of-default term worth noting: failure to pay within five business days of the due date, or a voluntary or involuntary bankruptcy action, lets the sponsor declare it immediately due. Both notes rely on the Section 4(a)(2) exemption.
This is the deal announcement itself, not a promotional 425, and it names the two financings that decide how much cash survives a vote: a $56.9 million PIPE and a non-redemption agreement covering 166,665 shares. Both are unregistered issuances under Section 4(a)(2) or Regulation D. No shareholder vote date, no redemption deadline and no minimum-cash figure appears in the portion read, so none was written; the transaction remains subject to a registration statement and shareholder approval.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
Show the other 10 filings
- What changed vs 2023-08-14trust $135.8M → $138.8M +2%deadline 2023-09-14 → 2023-12-14sponsor loan $665K → $1.9M
trust account, combination deadline, sponsor loans outstanding +23 moved · 2 with no prior record of ours
- Trust account
- $135.8M$138.8M
- Combination deadline
- 2023-09-142023-12-14
- Sponsor loans outstanding
- $665K$1.9M
- Going-concern doubt
- stated · unchanged
- Redeemable shares
- 12.7M · unchanged
SpacBrain reads this as $3,053,310 was added to the trust between the two filings.
The clause …“20,168 197,653 Total current assets 105,827 511,804 Cash and securities held in trust account 138,839,480 131,531,334 Total assets $ 138,945,307 $ 132,043,138 Liabilities, Shares Subject to Redemption and Shareholders’ Deficit:”…
SpacBrain reads this as 91 days later than the previous record.
The clause …“28 Further, management has determined that if we are unable to complete a Business Combination by December 14, 2023, as extended by the Company on September 13, 2023 (the “Combination Period”), then we will cease all operations”…
SpacBrain reads this as the sponsor has advanced $1,265,000 more.
The clause …“payable immediately. As of September 30, 2023, the Company had $ 750,000 and $ 1,930,000 outstanding under the Working Capital Note and Extension Note, respectively, totaling $ 2,680,000 in borrowings which are recorded as promissory”…
The clause …“consolidated balance sheets. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC 205-40, Presentation of Financial Statements—Going Concern”, management has determined that the”…
The clause “$ 0.0001 par value; 500,000,000 shares authorized; none outstanding (excluding 12,650,000 shares subject to possible redemption issued) at September 30, 2023 and December 31, 2022 — — Class B ordinary shares, $ 0.0001 par value;”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Item 5.07 vote results. At an extraordinary general meeting held October 24, 2023, Forbion European Acquisition Corp. shareholders approved all five proposals relating to the May 16, 2023 business combination with enGene Inc. and enGene Holdings Inc. Votes for/against/abstain: Business Combination 12,859,867 / 589,064 / 0; Governing Documents 12,299,527 / 1,149,404 / 0; Nasdaq Proposal (issuance above 20% and resulting change of control) 12,859,867 / 589,064 / 0; Incentive Equity Plan 11,602,725 / 1,846,206 / 0; Adjournment 12,859,766 / 589,063 / 102. A quorum was present. Why it matters: Item 8.01 of the same report states that public shareholders holding 10,379,144 Class A ordinary shares validly elected to redeem in connection with the vote, and that closing of the business combination is expected on or about October 31, 2023, subject to satisfaction or waiver of the conditions. The redemption count is far larger than the against vote on any proposal.
What changed: Announcement 425 — Forbion European Acquisition Corp.'s 8-K (Item 5.07) reporting the results of its extraordinary general meeting held October 24, 2023 on the enGene combination. Five proposals were voted; the Business Combination Proposal, approving the May 16, 2023 Business Combination Agreement among FEAC, Canada's enGene Inc. and enGene Holdings Inc., passed as a special resolution with 12,859,867 for and 589,064 against, no abstentions. The Governing Documents Proposal renames the public entity enGene Holdings Inc. and authorises unlimited common and blank-cheque preferred shares. Why it matters: The decisive status change: FEAC shareholders approved the deal by roughly 96% of votes cast, so the enGene combination clears its shareholder gate and the Nasdaq-listed successor becomes enGene Holdings Inc. Two things to price. First, the new articles authorise an unlimited number of common shares and blank-cheque preferred, which removes any charter cap on future dilution of holders who stay. Second, the vote tally says nothing about redemptions — the trust outflow, not the vote, determines how much cash reaches the combined company.
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
No sponsor entity is named in the filings parsed for this SPAC so far.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1280 tracked SPACs (24%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
Unit: U = S + W/3 · 102.5% of the $10 unit
from 424B4 0001193125-21-355589
Trading & liquidity
Company profile
Directors & officers
- Joustra WouterDirector
- Lesser CyrilChief Financial Officer
- Bos JasperChief Executive Officer
- Slootweg Hugo AlexanderDirector
- Logtenberg TonDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
6 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Sculptor Capital LP0.4% · SC 13GOct 10, 2023 stale
- CITADEL ADVISORS LLCwith 5 other reporting persons on the same schedule0.0% · SC 13G/AFeb 14, 2024 stale
- CALAMOS INVESTMENT TRUST/IL0.0% · SC 13GFeb 14, 2024 stale
- Saba Capital Management, L.P.with 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 8, 2024 stale
- HIGHBRIDGE CAPITAL MANAGEMENT LLC0.0% · SC 13G/AJan 19, 2024 stale
- Feis Lawrence Michaelwith 1 other reporting person on the same schedule0.0% · SC 13G/ANov 1, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- enGene (Nasdaq: ENGN) Launched as Publicly Traded ...
PR Newswireundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
36 full SEC filing texts archived — searchable, never lost.
- Vault note — FRBN (Forbion European Acquisition Corp.)
vault-note · /vault/tickers/FRBN
- Vault deal note — enGene Holdings Inc. (FRBN)
vault-note · /vault/deals/engene-holdings-inc
- enGene Holdings Inc.
news · sec.gov
- Detalimogene | Mainstreaming Non-Viral Gene Therapy for NMIBC
company-site · engene.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001193125-21-355589 priced 2021-12-13; common ticker FRBN off 10-Q 0001193125-23-265423 (2023-10-30); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per Form 25 0001354457-23-000797 (2023-10-31) — Form 25 filed under 17 CFR 240.12d2-2(a)(3) — the rule for securities that "have come to evidence other securities in substitution therefor", i.e. the shares became the successor's (class: Class A Ordinary Shares, Warrants, Units); the successor registrant enGene Holdings Inc. (ENGN, ENGNW) (CIK 0001980845) filed an 8-K carrying item 2.01 (Completion of Acquisition) naming "Forbion European Acquisition Corp." — the SPAC merged into a new registrant and so filed no closing report of its own. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
warrantStrike=11.5, unitSeparationDays=52 from the definitive prospectus (0001193125-21-355589). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate
[CLOSED-2.01] SEC accession 0001193125-23-268401 (Form 8-K, item 2.01 Completion of Acquisition or Disposition of Assets); the cover's date of earliest event reported is 2023-11-01. That is the SEC's own date for this report and NOT necessarily the closing day — an 8-K may cover several events, and where the two differ the closing date is in the quoted sentence below. Target read STRUCTURALLY from the merger agreement's party list — the party that is neither the registrant (identified by the filing's own cover page) nor a merger sub (identified by the clause making it a subsidiary of another party) nor an accommodation party (identified by a "solely for purposes of" joinder), and it was the only one left. The sentence it was read from: "(New enGene") consummated the previously announced business combination (the "Business Combination") pursuant to the Business Combination Agreement, dated as of May 16, 2023 (as amended, the "Business Combination Agreement"). As a result of the Business Combination, New enGene became a publicly traded company, with enGene, a subsidiary of New enGene, continuing the existing business operations." No deal value is set — an item-2.01 heading is not a figure. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists.
entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read
OTHER -> BIOTECH, on 8-K 0001193125-23-268401: "enGene Holdings Inc., a company incorporated under the laws of Canada that intends to continue to a company governed by the Business Corporations Act (British C"